SALAMA receives shareholder approval for strategic investor participation in Mandatory Convertible Sukuk

DUBAI, 5th February, 2026 (WAM) — Islamic Arab Insurance Company (SALAMA) announced that its shareholders have approved, at the General Assembly Meeting held on 30th January 2026, the participation of strategic investors in the Company’s Mandatory Convertible Sukuk (MCS) issuance.

The approval represents a key milestone in SALAMA’s ongoing recapitalisation and multi-year strategy to transform and grow the business into a national champion.

The resolution follows the shareholders’ circular issued on 19th September 2025 and the General Assembly Meeting held on 16th October 2025, which approved the broader capital restructuring framework underpinning SALAMA’s turnaround and long-term growth plan.

The approved strategic participants are: Eshraq Investments PJSC, a public joint stock company incorporated in the Emirate of Abu Dhabi and listed on the Abu Dhabi Securities Exchange; and Humana Holding Limited, a private investment holding company incorporated under the laws of the Abu Dhabi Global Market.

The participation of these investors reflects a shared long-term commitment to supporting SALAMA’s ambition to establish a strong, well-capitalised, and nationally anchored insurance platform headquartered in Dubai, with a focus on sustainable growth, delivering customer and operational excellence, and strategic expansion.

Essa Ali Bin Salem Alzaabi, Chairman of SALAMA’s Board, commented, “The participation of Eshraq Investments PJSC and Humana Holding Limited in SALAMA’s Mandatory Convertible Sukuk represents a significant vote of confidence in our strategy and future direction. These are long-term strategic investors who share our vision of building a resilient and competitive insurance group, rooted in Dubai and serving the wider region. Their support strengthens our capital base and enables continued investment in talent, infrastructure, governance, and market presence to deliver sustainable value for all stakeholders.”

Mohamed Ali Bouabane, Group Chief Executive Officer of SALAMA, added, “The Mandatory Convertible Sukuk is a cornerstone of SALAMA’s recapitalisation and strategic reset. The participation of high-quality, long-term investors underscores the credibility of our transformation agenda and our ability to attract patient capital aligned with our vision. With a strengthened balance sheet, we are accelerating investments across our people, new technologies and digital platforms, brand, and distribution capabilities, while remaining disciplined and selective in pursuing future inorganic growth opportunities that enhance scale and profitability.”